The Fung for Governor Campaign today released its latest television advertisement in the race for Rhode Island Governor. The most recent ad steps up criticism of General Treasurer Gina Raimondo’s mismanagement of the state pension fund and centers on excessively high fees and poor returns as a result of Raimondo’s shifting approximately $2 billion – almost one fourth of the fund’s assets – into alternative investments. The advertisement also calls into question the relationship between the payment of millions of dollars in fees for underperforming investments and the substantial campaign contributions that Raimondo has received from the financial services industry.

Watch the ad below

Noting that her campaign has been “bankrolled by Wall Street,” the Fung for Governor advertisement faults Raimondo for paying $70 million in fees associated with alternative investments just in fiscal year 2013, while the pension fund has lost an estimated $372 million in unrealized returns as a result of the poor performance of the fund’s investments.

“Already, Wall Street interests have dumped more than half a million dollars directly into the Raimondo campaign,” noted Fung spokesman Robert Coupe. “Now we have learned of even more money pouring into Rhode Island from sources such as hedge fund manager, Orin Kramer and billionaire investment banker and former New York Mayor, Michael Bloomberg. Now these Wall Street tycoons are bankrolling a smear campaign against mayor Fung while Treasurer Raimondo continues to ship Rhode Islanders’ hard earned money to Wall Street to pay for under performing investment strategies. Once again, the facts demonstrate that Treasurer Raimondo stands with Wall Street, not the people of Rhode Island.”

Fung had been scheduled to meet with the editorial board of Bloomberg News in New York to discuss the campaign, but was compelled to cancel the meeting when he learned that Michael Bloomberg, who owns and controls the Bloomberg media company, has announced plans to spend millions of dollars supporting handpicked candidates across the country including Ms. Raimondo. Previously, Bloomberg supported the election of Governor Lincoln Chafee.